Income and asset limits for public rental housing for 2020-21
*************************************************************
The Hong Kong Housing Authority (HA)'s Subsidised Housing Committee today (March 10) discussed the outcome of the review of income and asset limits for public rental housing (PRH) for 2020-21, and endorsed the revised income and asset limits for applicants of different household sizes with effect from April 1 (see table).
"The PRH income and asset limits are reviewed annually in accordance with the established mechanism to keep them in line with the prevailing social and economic conditions. The PRH income and asset limits for 2020-21 for all household sizes have increased by an overall average increase of 5.4 per cent and 3.4 per cent respectively over those for 2019-20," a spokesman for the HA said.
Under the established mechanism, the PRH income limits are derived using a household expenditure approach, which consists of housing costs and non-housing costs, plus a 5 per cent contingency provision. Housing costs measure the costs of renting a private flat comparable to PRH, and these depend on the relevant unit rents of private accommodation and reference flat sizes (i.e. average space allocated to PRH applicants in the past three years). Non-housing costs are determined with reference to the results of the latest Household Expenditure Survey conducted by the Census and Statistics Department, and adjusted by the latest movements in the Consumer Price Index (CPI)(A) (excluding housing costs), or the change in the nominal wage index, whichever is higher. The PRH asset limits are adjusted with reference to movements in CPI(A) over the year.
Ends/Tuesday, March 10, 2020
Issued at HKT 18:43
Issued at HKT 18:43
NNNN